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Assignment of Income Doctrine: Did Hoensheid Turn the World Upside Down?

Content Provider
American Law Institute CLE
Product
CLE
Run Time
66 Minutes
Recording Date
12/05/2023
Presenter(s)
S. Gray Edmondson, Gene Wolf
Learning Method
On-Demand Training
Practice Area
Estate Planning and Elder Law
Persona
CLE OnDemand

Price $219.00

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Description

The anticipatory assignment of income doctrine has been used effectively by the Internal Revenue Service to tax gain from the sale of property to a donor even though the donor gave the property away before the sale closed. Many practitioners assumed that so long as there was not a binding commitment to consummate the sale, the assignment of income doctrine would not apply. Was that really the law? Did Hoensheid, a Tax Court memorandum decision, overturn over 40 years precedent? Or is it simply another step in the evolution of the doctrine? This session analyzes the development and current state of the assignment of income doctrine and its applicability to pre-sale gifts and charitable contributions. Our expert faculty will also discuss the appraisal and documentation requirements for ensuring that taxpayers get benefit of their charitable donations. During this course you’ll learn about: - Judicial development of the (anticipatory) assignment of income doctrine - Hoensheid case: the facts, the controversies, the holding, and lessons learned - Post-Hoensheid takeaways: File documentation, donation timing and the liquidity event, and evidentiary considerations - Statutory assignment of income doctrine

Literature

State Status Total Credits Type Of Credit Approved Thru
AlabamaApproved1.00General12/31/2024
AlaskaApproved1.00GeneralOn-going
ArizonaApproved1.00GeneralOn-going
ArkansasApproved1.00GeneralOn-going
CaliforniaApproved1.00Participatory12/05/2028
ColoradoApproved1.00General12/31/2025
ConnecticutApproved1.00GeneralOn-going
DelawareApproved1.00General12/04/2025
FloridaApproved1.50General08/31/2025
GeorgiaApproved1.00General12/31/2024
HawaiiApproved1.00General12/05/2025
IdahoApproved1.00General12/05/2028
IllinoisApproved1.00General01/04/2026
IndianaApproved1.00General02/11/2025
IowaApproved1.00General12/04/2024
KansasApproved1.00General02/04/2025
KentuckyApproved1.00General06/30/2024
LouisianaApproved1.10General01/04/2025
MainePending State Response0.00
MinnesotaApproved1.00General01/17/2026
MississippiApproved1.10General01/04/2025
MissouriApproved1.30GeneralOn-going
MontanaApproved1.00General12/05/2026
NebraskaApproved1.10General12/04/2025
NevadaApproved1.00General12/31/2027
New HampshireApproved1.10General12/04/2026
New JerseyApproved1.00GeneralOn-going
New MexicoApproved1.10General12/04/2028
New YorkApproved1.00SkillsOn-going
North CarolinaPending State Response0.00
North DakotaApproved1.00General12/05/2026
OhioApproved1.00General12/31/2024
OklahomaApproved1.00General02/04/2025
OregonApproved1.00General12/04/2026
PennsylvaniaApproved1.00General01/04/2026
Puerto RicoApproved1.10General03/10/2025
Rhode IslandApproved1.00General06/30/2024
South CarolinaApproved1.10General12/31/2024
TennesseeApproved1.10General01/04/2025
TexasApproved1.00General01/31/2025
UtahApproved1.00General12/31/2024
VermontApproved1.00GeneralOn-going
VirginiaApproved1.00General10/31/2024
WashingtonApproved1.00General12/05/2028
West VirginiaApproved1.32GeneralOn-going
WisconsinApproved1.00GeneralOn-going
WyomingApproved1.00General01/06/2025

Speakers